The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-05-31
TUE BUSINESS HOLIDAYS.
NO MARKET REPORTS RECEIVED
YESTERDAY.
The Local Cotton Market and Week
ly Review Of the Chicago
Grain Trade.

The Cotton and Merchants Et-
changes wers practically closed yes
terdsy, no market reports being re-
Ceived from any point. The Norfolk
and New Orleans Cotton EXCHANGES
closed on account OF Decoration DSy,
the Chicago aed ST.. Louis Merchants
Exchanges closed for thu same reason,
and the Liverpool Cotton Excha sge |
was closed for the Whitsuntide holi-
DAYS. All the exchanges will be open
today except the Liverpool Exchange,
which will not open until tomorrow
morning. The Memphis Clearing
House report of yesterday showed
clear,ugs 1928 855 l3 and balances
| S63,E89 "a. The local cotton market
opened and closed nrm. middling lie,
aud quotations unchanged. The sales
were unimportant.f Receipts, 495
bales: shipments, So; stock on hand,
1883. Total receipts to date, 65S, 229,
and shipments to date, 639,7l4 bales
There was no meeting held OF either
the stock or grain boards OF the Mer-
chants Exc1ange, and quotations re-
main unchanged. The weekly review
by Chandler, Blown & 90 , Of tins Chi
cago grain market, Of date the 20.h,
saws among other things as fnilowe:
Notwithstanding the fact that
heavy ho'deB have been, at times
duriDg the past week, free sellers OF
WHIT at, and that the bear element have
frequently attem pted 10 raid the mar
ket. values have been we'll sustained
The ct that heavy selling in past
wee ks resulted, in slmost every In
stance, in sharp Iesctions, is evidence
, of an enormous short interest In THU
! market. The bear argument nov, is
3 hes w receipts, but 1t is noticeable
/. that the property is we'll protected
B apd tt at June wheat is firmly held at
q $50; closing prices anne as those OF thu
D previous week.
o "Clsim has lean made during tn
i past year that it would be imposslbl
g for wheat to advance On accouot Q
0 large stocks and overprodnctioD, an
q whe wheat was ceiling at 10 cents pc
2 bushel lower than present values tn
n bears would point to our visible SUI
> ply of 60,00O,0O0 bushels and ash
g What are you going to do with II
Q y on can't compete with Russian al
ID Indian wheat in the European ma
r kets unless you mark down p ice
1t But the fact that of all the wheat In
D. ported into Great Britain last YET
a. thyes.fifths or 1900 600 bushels can
le from the United States, and that oil
a export trade has been better durir
IN the past few months than for man
wears past proves the fallacy OF the
OF argument; large stocks have not aloi
At been responsible for depressed ma
lie ket. We msinta'n that short seller
I'd assisted by the bucket shops, ha'
i'd held the price of wheat fully 10 P
cent below Its legitimate value Il
past year, aud the change viii,
has bsen made possible by legisl
ton unfavorab G to the latter "
II" he welcomed by tie producer al
country 10 general. Export clearauc
at eeahosyd were aeain large, aggreg
ar. ING 100000 bushels OF wheat al
7ill 236. 900 barrels OF -four, or, in rou
ca. figures, 100000 bushels of whe
as The ex ooIt movement will ba an i
portant factor in determining ultims
,ro values. II It continues fres one
son Increased speculative demand will ]
low. July wheat declined today.
' rSs due to the prospects Of large receil
next week, but on another good pre-
Der we regard it purchase f)r lair
Deb turi 8.
,trs "Corn ruled weak during the gTes
ton part of the week, at times s'rength'
Iass ipg in sympathy with wheat,
largely increased receipts during
yin latter part of the week ard favora
SUI" crop reports induced heavy selling
izer both local and country account, fr
l@S ing July down to and closing weas
iop 3p4c."